Bitpoint Reveals Details of Losses, Assures Reimbursement to Victims

Japanese crypto exchange Bitpoint has released details of the damages it incurred in the recent hack.
Published by the exchange’s parent company Remix Point, the document shows that five digital currencies – Bitcoin, Bitcoin Cash, Ether, Litecoin, and XRP – were from the exchange’s hot wallet.

Accounts of the loss
Per the document, 1,225 Bitcoin worth ¥1.53 billion (more than $14 million) was stolen from the exchange, out of which ¥1.28 billion ($11.8 million) worth tokens belonged to the customers while ¥250 million ($2,316,500) in BTC belonged to the exchange.
Hackers also siphoned 1,985 Bitcoin Cash valued at ¥70 million ($648,620) – ¥40 million ($370,640) were customers’ deposits and the rest were the exchange’s funds. For Ether, the number went to 11,169 tokens worth ¥330 million ($3 million) – ¥240 million ($2.2 million) from customers’ deposits while ¥90 million ($833,940) worth tokens were the exchange’s holdings.
5,108 Litecoins with a market value of around ¥0.5 billion ($4.6 million) were also stolen by the cybercriminals.
The major chunk of the losses involved XRP, as 28,106,323 tokens were stolen.
The exchange also reiterated its previous stance that only the security of its hot wallets was breached while its cold storages were still safe. However, it is still monitoring all of its storage facilities and is preparing to move all its crypto holdings to cold wallets.

in case u needed more reasons to self-custody…

over the past month
– Gatehub hacked for 10m
– Bittrue hacked for 4m
– Bitpoint hacked for 32m
– 0x susp after vuln found

not ur keys, not ur coins

— Josh Olszewicz (@CarpeNoctom)

The parent of Bitpoint also assured that the exchange is going to reimburse all its clients for their damages, however, it will pay them in crypto equivalents and not with fiat.
The document also revealed that the exchange is consulting with the Japan Virtual Currency Exchange Association (JVCEA), the , to bolster the security measures of the exchange.
that the exchange has already tracked $2.3 million worth stolen tokens and also recovered them.